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Why Engineering Firms Need Business Insurance

Engineers are responsible for designing and making so many things work. And that level of responsibility can expose your engineering firm to risk. That’s in addition to the issues many other businesses deal with like property damage to your workplace or loss of important records. Learn about the engineering insurance and the coverages engineers most often purchase from The Hartford.

Business Owner’s Policy

At a minimum, most engineering professionals have a Business Owner’s Policy (BOP). Why? Because it protects your small engineering business in much the same way a homeowner’s policy protects your home and personal possessions.

By combining three basic insurance coverages that are important to virtually every small business, including professional engineering firms, a Business Owner’s Policy (BOP) can save your company money on insurance rates while safeguarding the small engineering business you’ve worked hard to build.

General Liability – helps protect your business from certain lawsuits alleging injuries or property damage that occurred as the result of your business operations, like if a customer is injured at your workplace or an employee causes damage to a customer’s property. It even helps cover certain claims of slander and libel. Business Liability does not cover liabilities directly arising out of the professional services you may provide.

Commercial Property – helps protect the place where you do business and the things you use to conduct business, like tools and equipment – whether you own or lease them.

Business Income – helps cover the loss of income when you can’t serve your engineering clients because of covered property damage.

Engineers tend to work on complex, “big ticket” projects that span months or even years. This means receivables can make up a large percentage of an engineering concern’s total assets. Imagine what could happen if your account records were destroyed by fire, water or other unexpected event. Accounts Receivable Coverage can help pay the cost of researching and replacing these records, in addition to the expense associated with recovering what your engineering clients owe to your business.

Engineers rely on their computer systems and specialized software to communicate with clients, share plans, specifications, licenses, quality control documents and more. What would happen if an employee mistakenly opened an email attachment containing a virus, crashing your network, and corrupting your data? Computers and Media Coverage helps pay to research and replace lost data and the resulting loss of business income, if your engineering firm’s business computers sustain covered damage or a virus corrupts your records.

Engineering firms depend on power and communication services to conduct business. Business Income for Off-Premises Utility Services Coverage (OPUS) covers loss of income caused by interruptions in utility services beyond your engineering firm’s control, such as when a storm downs power lines, cutting off electrical service. Unlike most other insurance companies’ offerings, OPUS coverage from The Hartford starts as early as 12 hours from initial interruption of utility service.

With OPUS, engineering professionals can get insurance that provides power interruption protection and safeguards their income against outages of other utilities as well.

Think about the types of documents and records your engineering firm creates and stores: design drafts and specifications, site tests, bids, meeting minutes, building permits, memos, change orders, and more. Now imagine if there were a fire in your building and the water used to put it out damaged important plans and records. Valuable Papers and Records Coverage can help pay to reproduce important documents, provide temporary storage, and move records to avoid a loss.

Engineers often store sensitive information about their employees and clients, including social security and debit/credit card numbers. And if that information is lost or stolen, it could leave your engineering business vulnerable to lawsuits and a damaged reputation. Data Breach Coverage helps pay the costs of notifying impacted individuals, managing public relations, good faith advertising, and more if personally identifiable information is lost or stolen from your engineering business.

It’s easy for engineers to increase their Business Owner’s Policy (BOP) protection at an affordable price with The Hartford’s Stretch® endorsements that bundle valuable key insurance coverages. For small engineering businesses like yours we offer:

Basic Stretch

Super Stretch

Super Stretch for Business Services

Contact an agent or a representative from The Hartford about these cost-effective solutions that help take the guesswork out of selecting the right coverage for your engineering business.

Additional Solutions

If you have employees, use a car for work, or work from home, your engineering business may also benefit from:

Required by most states, workers’ compensation can provide benefits to your engineering firm’s employees for work-related injuries or illnesses including medical care, wages from lost work time, and more. And if the worker’s family decides to sue you, coverage can help you with related legal fees.

Engineering firms are among the many small businesses that have been turning to The Hartford for workers’ compensation coverage for more than a century.

Do you use your car to pick up site or building plans and permits, transport equipment or supplies, or meet with clients of your engineering firm? A Business Auto Policy provides insurance coverage generally not included in a personal auto policy. It can cover you or an employee when a personally-owned vehicle, used for business purposes, is involved in an accident. Learn more about Commercial Auto Insurance.

If you run your engineering business out of your home, you probably want a Business Owner’s Policy (BOP). A BOP provides coverage not generally available with a homeowner’s policy. Ask yourself, “Do I have engineering clients come to my home, accept mail or deliveries for my business at my house, or have business equipment in my home, or employees working out of my home?” If so, your agent or a representative from The Hartford can help you select the right coverage to protect your business.

Certain coverages vary by state and may not be available to all businesses. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. In TX, this insurance is written by Sentinel Insurance Company, Ltd., Hartford Casualty Insurance Company, Hartford Lloyd’s Insurance Company, Property and Casualty Insurance Company of Hartford, Hartford Underwriters Insurance Company, Twin City Fire Insurance Company, Hartford Accident and Indemnity Company and Hartford Fire Insurance Company. In CA by Sentinel Insurance Company, Ltd. (CA license # 8701) and its property and casualty insurance company affiliates, One Hartford Plaza, Hartford, CT 06155.

The Hartford® is The Hartford Financial Services Group, Inc. and its property and casualty subsidiaries, including issuing company, Hartford Fire Insurance Company. Its headquarters is in Hartford, CT.